India's domestic demand is likely to recover from slowdown: HSBC

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India's domestic demand is likely to recover from slowdown: HSBC
India's domestic demand is likely to recover from the sharp slowdown it experienced over the course of 2013, largely driven by the growing population and nascent middle-class, an HSBC report says as per the PTI.

Despite its recent slowdown, India's economic promise remains substantial, with the growing population and nascent domestic middle class generating a growing market for consumption goods, said HSBC.

"India's growing population and nascent middle-class will generate substantial demand for consumer goods from abroad," the global financial major said.

As per the HSBC global trade forecast, better growth prospects over the coming years for the UAE and the US (the top two export destinations), would help the country to boost Indian foreign sales.

"Both countries (the UAE and the US) are likely to remain top destinations until 2030, although exports to China will also expand rapidly," HSBC said.

Established links with oil-rich markets in the Middle East and North Africa would continue to drive exports from India, but new opportunities will also arise in China and the rest of emerging Asia, it added.

Read more about: hsbc
Story first published: Thursday, March 20, 2014, 9:10 [IST]
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